GCF approves $440 million to support climate action

Mar 02,2019

The Green Climate Fund (GCF), the Korea-based United Nations climate fund aimed at helping poor nations fight global warming, has approved $440 million in funding for new projects and programs, according to Seoul’s finance ministry Friday.

The GCF’s board held a three-day meeting in Incheon, starting Monday, to discuss new funding and accreditation proposals.

Launched in late 2010, the GCF aims to channel money from industrialized nations to developing countries to help them tackle climate change-related problems.

The GCF now has a portfolio of 97 projects amounting to over $5 billion of GCF resources. It approved 42 new projects and $8.1 million in climate financing in 2018.